Genel Enerji receive a boost from the oil dues to the Iraqi Kurdistan

Genel Enerji receive a boost from the oil dues to the Iraqi Kurdistan

London, Feb 5 (Reuters) - Genel Energy Inc. on Friday said one of the foreign oil companies operating in the Kurdistan region of Iraq that the operators of Taq Taq field partners have received payment of $ 16.3 million in dues to the Government of the region for oil exports.

And those payments come in the framework of the strategy announced by the Kurdistan government earlier this week to begin to pay dues to oil companies, according to the terms of the contract with them instead of the temporary payment arrangements pursued since September.

Genel said it and its partner Addax Petroleum also Tlgueta $ 3.2 million covering five percent of the total monthly net return to their fields which additional payments Kurdistan Regional Government announced the commitment in its new strategy to pay dues.

Genel said the dues for oil exports from the Taq Taq field and the net return amounted to $ 10.8 million in January.

And increased independent Kurdish oil sales since last June to more than 600 thousand barrels per day, but with the inflation of the public sector wage bill and falling prices in the region is facing a deficit of between 380 million and 400 million dollars a month.

KRG City oil companies billions of dollars in dues it remains for oil exports.